date:Dec 14, 2018
, the statutory reference prices for covered commodities remain the same as in the 2014 Farm Bill, as amended to add seed cotton. The new bill, however, includes an escalator known as the effective reference price. The effective reference price is a feature from the House farm bill, which permits the statutory reference price to increase up to 115% of the statutory reference price. It is calculated as 85% of the 5-year Olympic moving average of the national marketing year average prices (5YOMA).